By RTT News,
July 24, 2014, 08:50:00 AM EDT
(RTTNews.com) - Southwest Airlines Co. ( LUV ) reported that its second-quarter net income rose to $465 million or $0.67 per share, from $224 million or $0.31 per share in the year ago quarter.
Quarterly net income, excluding special items, was $485 million, or $0.70 per share, compared to net income, excluding special items, of $274 million, or $0.38 per share in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.62 per share for the quarter. Analysts' estimates typically exclude special items.
Total operating revenues for the quarter was $5.011 billion, higher than last year's $4.643 billion. Wall Street analysts had a consensus revenue estimate of $4.94 billion for the quarter.
The airline said its traffic, measured in revenue passenger miles or RPMs, for the quarter rose 2.4% to 28.59 billion from 27.93 billion RPMs in the same period last year. But, capacity, measured in available seat miles or ASMs, edged down 0.4% to 34.10 billion from last year's 34.23 billion ASMs.
Load factor for the quarter was 83.9%, up 2.3 points from 81.6% reported last year.
The company said it plans to fully convert AirTran's remaining international markets and domestic flying by the end of this year. It expects roughly flat 2014 available seat miles, year-over-year, and intend to expand the network in a disciplined manner. For 2015, it currently expect its available seat miles to increase, year-over-year, largely driven by a two to three percent growth in seats from the upgauging of its fleet, along with a higher percentage of its fleet in revenue service post-integration.
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